Mexico's economic growth is projected to slow to 1.5 percent this year, according to the Bank of Mexico, which has revised its forecasts amid a challenging global economic environment. This marks a downgrade from an earlier prediction of 2.4 percent growth. The central bank cited weak external demand, particularly from the U.S. manufacturing sector, as a significant factor contributing to this slowdown.In its quarterly report, the Bank of Mexico noted that economic activity is currently experiencing "marked weakness." With exports to the United States—Mexico's primary trading partner—expected to remain subdued, domestic spending is anticipated to be the main driver of growth. The central bank has also lowered its growth forecast for 2024 to 1.2 percent from 1.5 percent.Despite these challenges, the bank expressed some optimism for 2025, anticipating that improved performance in U.S. industrial production could lead to increased external demand for Mexico. However, these forecasts are subject to considerable uncertainty.In the second quarter of this year, Mexico's gross domestic product (GDP) grew by 0.2 percent compared to the previous quarter, reflecting the ongoing economic challenges. The central bank's assessment underscores the need for careful monitoring of both domestic and international economic conditions as Mexico navigates this period of slower growth.